USDTvsUSDf
Tether vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDT — Tether
USDf — Falcon USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Supply moved almost identically over the last 30 days: USDT -0.6%, USDf -0.3%. USDT held the tighter band: worst deviation 14 bps against 54 bps.
Key differences
- USDT is roughly 145.8× larger than USDf by USD circulation value ($183.08B vs $1.26B).
- USDT ranks #1 while USDf ranks #14 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- USDT is a fiat-backed stablecoin; USDf is crypto-backed. Different mechanism, different failure modes.
- USDT reports cash & t-bills in reserve. We do not track a published reserve breakdown for USDf.
- USDT is deployed on 130 chains — much broader coverage than USDf's 2.
- Primary chain differs — most USDT supply lives on Tron, while most USDf supply is on Ethereum.
Full comparison table
| Metric | USDT | USDf |
|---|---|---|
| USD circulation value | $183.08B | $1.26B |
| Rank (by USD value) | #1 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Delta-neutral (Falcon) |
| Chains deployed | 130 | 2 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether Limited | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDT and USDf?
Both track USD, so they compete for the same use cases. USDT holds cash & t-bills. We track no published reserve breakdown for USDf. USDT ranks #1 by USD value and USDf ranks #14.
Which is bigger, USDT or USDf?
USDT is larger, with $183.08B in circulation vs $1.26B for USDf. That's roughly 145.8× the size.
Is USDT safer than USDf?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. USDT uses a fiat-backed model; USDf uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between USDT and USDf?
Yes. USDT and USDf both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
Should I choose USDT or USDf?
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and USDf on 2. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.